Dots| Today’s WWD analyzes winners and losers in the holiday season. Before all the rah rahs come out in press releases, we must remember that the American retail pie is not growing. It shrank substantially and may get back to 2007 levels this holiday season, depending on late-December weather impact.

Because retailers generally held tight on inventories, the profit margins should be better than in past years.

As expected Apple led the pack, making Craig R. Johnson, president of Customer Growth Partners, comment so relevant: